Skip to main content

Yield App Passes ‘Proof of Reserves’ Audit to Bolster Safety and Accountability of Deployed Digital Assets

https://motleybloggers.com/wp-content/uploads/2022/03/yield-app-passes-proof-of-reserves-audit-to-bolster-safety-and-accountability-of-deployed-digital-assets.png

PRESS RELEASE. Yield App, one of the rising and most trusted digital wealth platforms, recently underwent a thorough ‘proof of reserves’ audit. The inspection was conducted by Armanino LLC, the firm responsible for auditing Kraken – one of the largest and most trusted cryptocurrency exchanges in the world.




Yield App passed the audit with flying colors, bolstering its stance on safety and accountability of the assets deployed by customers into portfolios available on its platform.




What is ‘proof of reserves’?




A proof of reserves is an independent audit of a company’s balance sheet conducted by a third party, such as Armanino LLP. These cryptographically reconciled public reports empower customers to verify that the digital asset service providers they use do indeed hold enough assets on their balance sheets to offset their customers’ liabilities.




The first report was completed on 24 January 2022, using a ‘point in time’ methodology to determine the results, and can be read here. Yield App plans to continue working with Armanino LLP and other third-party accreditation service providers to release regular independent reports and keep customers informed via its blog posts.




About Armanino LLP




Armanino LLP is one of the top 25 largest independent accounting and audit firms in the United States. It recently audited Kraken to set a precedent for companies operating in the digital asset space, at a time when many people remain hesitant to invest in cryptocurrencies fearing a mishandling of their hard-earned assets.




The auditor is engaged by many leading blockchain firms, including stablecoin issuers and wealth management platforms amongst its 7,000+ clients. Armanino LLP does this in accordance with attestation standards issued by the American Institute of Certified Public Accountants, ensuring full transparency and helping to instill trust.




About Yield App




Launched in February 2021, Yield App is a rapidly growing digital wealth platform. In just over a year since launch, the platform has already managed to attract nearly 80,000 customers who have deployed more than $500 million dollars into Yield App portfolios. The platform recently expanded its stablecoins offering with TUSD, in addition to USDT, USDC and DAI, and also offers BTC and ETH earning portfolios. Its earning products provide market-leading annual interest to its customers.




Given the lack of central authority or standardized governance that requires stress testing of service providers in the digital asset space, audits like the one conducted by Armanino LLP are a statement of commitment towards transparency and longevity and will help assure prospective customers who are traditionally cautious of the cryptocurrency space.




 




 




 









This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. MotleyBloggers.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



Origina post from
https://motleybloggers.com/yield-app-passes-proof-of-reserves-audit-to-bolster-safety-and-accountability-of-deployed-digital-assets/

Comments

Post a Comment

Popular posts from this blog

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...
Post a Comment
Read more

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionar...
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...
Post a Comment
Read more